Exhibit 4-1:Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding.2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodIf the Adjusted WageAmount (line 1h) isAt least$390$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$930$945$960$975$990$1,005$1,020$1,035$1,050But lessthan$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$930$945$960$975$990$1,005$1,020$1,035$1,050$1,070$1,090$1,070$1,090 $1,110$1,130$1,110$1,130 $1,150$1,150$1,170$1,190$1,210$1,170$1,190$1,210 $1,230Married Filing JointlyStandardwithholding38352888888888888888888888888888888888888888888888888$10$12$14$16$18$20$22Form W-4, Step 2,Checkboxwithholding3993848885 88888 888 88888 8848* 8*8*3****** 8888888888$11$12$14$15$17$18$20$21$23$24$27$29$32$39$41$45$50$56$69$72$74$76$79Head of HouseholdStandardwithholdingThe Tentative Withholding Amount is:222222222222222 22222 2222225258582885886 83333$0$0$7$9$10$12$13$15$16$18$19$21$24$27$30$31$33$35$37$39$41$43$45Form W-4, Step 2,Checkboxwithholding$47$2$3$4$5$6$7$8$10$11$13$14$16$17$19$20$22$23$25$26$28$30$31$33$35$37$39$40$42$44$46$48$49$51$53$55$57$58$60$62$64$66$67$69$71$73$75$77$79$82$84$86$89$91$94$96Single or Married Filing SeparatelyForm W-4, Step 2.CheckboxwithholdingStandardwithholding$0$0SO$0$8$9$11$12$14$15$17$18$20$21$23$24$26$27$29$30$32$33$35$36$38$39$41$43$45$47$48$50$52$54$56$57$60$62$64$67$15$16$17$18$19$20$21$23$25$26$28$30$32$34$35$37$39$41$43$44$46$48$50$52$53$55$57$59$61$62$64$66$68$70$71$73$75$77$79$80$82$84$86$88$89$91$94$99$103$107$69$72$74$76$79Source: Internal Revenue Service.$112$116$121$125$129 2022 Percentage Method Tables for Manual Payroll Systems With Forms W-4 from 2020 or LaterBIWEEKLY Payroll PeriodSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)If the Adjusted WageAmount (line 1h) is:At least-$0$996$1,787$4,210$7,848$0$498$893But lessthan-B$1,787$4,210$7,848$369 86$14,077 $1,170.22$14,077 $17,608 $2,665.18$17,608$25,913$3,795.10$6.701.85$25,913$2,105$3,924$7,038$8,804$21,263Thetentativeamount towithhold is:Married Filing Jointly$0.00$996$0.00$79.10of theamount thatthe AdjustedPlus thisWagepercentage- exceeds$0.00$0.000%10%12%22%24%32%35%37%Single or Married Filing Separately$498$893$2,105$39.50$3,924$184.94$7,038$585.12$8,804 $1,332.48$21,263 $1,897.60$6,258,250%10%12%22%24%32%35%37%$0$996$1,787$4,210$7,848Kenneth Karcher (single), $895 wagesMary Kenny (married filing jointly), $1,900 wagesThomas Carney (single), $1,460 wages$14,077$17,608$25,913$0$498$893$2,105$3,924$7,038$8,804$21,263Form W-4, Step 2, Checkbox, Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 IS checked)If the Adjusted WageAmount (line 1h) is:At least-$0$498$893$2,105$3,924$7,038$8,804$12.957$0$249$447$1,052$1,962$3,519$4,402$10,632But lessthan-B$2,105$3,924$7,038Thetentativeamount towithhold is:Married Filing Jointly$498$893$0.00$0.00$39.50$184.94$585.12$8,804 $1,332.48$12,957 $1,897,60$3,351.15$1,052$1,962$3,519$4,402$10,632of theamount thatthe AdjustedPlus thisWagepercentage- exceeds-$0.00$0.00$19.80$92.40$292.60$666.28$948.84$3,129.340%10%12%22%24%Single or Married Filing Separately$249$44732%35%37%0%10%12%22%so$498$893$2,105$3,924$7,038$8,804$12,95724%32%35%37%$0$249$447$1,052$1,962$3,519$4,402$10,632Source: Internal Revenue Service.Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method.

It has been given in the question that the withhold amount which is to be withheld by the company…

Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages Mary Kenny (married filing jointly), $1,900 wages Thomas Carney (single), $1,460 wages

Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages Mary Kenny (married filing jointly), $1,900 wages Thomas Carney (single), $1,460 wages

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 50 hours the first week in January. Kayla’s federal income tax withholding is equal to 11 percent of her gross pay. Webber pays medical insurance of $57 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,150. Paula’s federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $145 per week for Paula and contributes $135 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment…
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Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, head of household), social security taxes, and state income tax (2%).
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Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. 2021 Wage-Bracket Method Tables. Round your answer to the two decimal places. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).